Original | Odaily Planet Daily

Author | Nan Zhi

Today, Starknet announced the start of the first round of token distribution. Its token STRK will be distributed starting from 20:00 on February 20th (UTC+8) through the Starknet Foundation's Provisions plan (i.e. token airdrop plan), and the claiming interface will be opened at that time.

In the first round of token distribution, approximately 1.3 million addresses are eligible to receive the distribution, with a total supply of 700 million tokens (the community's share in the planned total supply is 1.8 billion tokens), and the claiming period will last for four months until June 20th.

Who can claim?

Starknet has set basic requirements for interaction amount, activity, and fund retention for Starknet users. Only accounts that meet the requirements can further receive different amounts of airdrops. In addition, Starknet has collaborated with Trusta Labs to screen for witch addresses. The basic rules for community user airdrop eligibility are as follows.

Basic Airdrop Eligibility

• Used Starknet in at least 3 independent months;

• Conducted at least 6 transactions;

• Total transaction amount not less than $100;

• Held at least 0.005 ETH in the address at the time of the snapshot (November 15, 2023).

It is worth noting that funds held in DEX's LP and lending protocols at the time of the snapshot are not included in the eligibility range, and only ETH balance is considered, with funds such as USDT not being counted. Therefore, many interaction addresses are excluded.

In addition, Trusta Labs, the collaborator in this witch screening, is also a partner for many large airdrop projects and has rich experience in anti-witch measures. According to community feedback, a significant number of accounts with over a hundred interaction addresses have all been identified as witch addresses, with an airdrop amount of 0.

Specific Airdrop Targets

The Starknet Foundation will distribute airdrops to various users who have contributed to the development of Starknet, including Starknet users and builders, Ethereum contributors and stakers, as well as developers of specific projects, all of whom can participate in the Provisions plan.

• Starknet users: Meet the basic airdrop eligibility in the previous section and have not been identified as witch addresses.

• StarkEx users: Used StarkEx-based DApps at least eight times before June 1, 2022. (e.g. dYdX, Rhino, IMX, etc.)

• Starknet community: Participants in the Early Community Member Plan (ECMP).

• Starknet developers (before November 15, 2023), Ethereum developers (before November 15, 2023), EIP authors (before November 15, 2023), and GitHub developers (before November 15, 2023) who have made specified development contributions.

• Ethereum stakers: Stakers before September 15, 2022.

• Ethereum Protocol Guild: Members listed as Ethereum Protocol Guild members on November 15, 2023.

In this airdrop, Starknet users will receive 51.33% of the token allocation, Ethereum stakers will receive 21.99%, StarkEx users and Starknet ECMP members will receive 9.62% and 9.05% of the token allocation, respectively. The remaining allocation details are as follows:

Price Estimation

According to the OTC trading platform Aevo price data, the current OTC price of STRK is approximately between 1.7 USDT and 1.8 USDT. Based on the initial circulating supply of 700 million tokens, the initial circulating market value is approximately $1.2 billion, ranking third in L2, and the FDV is close to Arbitrum. The following figure shows the L2 market value data comparison made by Odaily about half a month ago. According to recent token fluctuations, there have been some changes, which can be used as a reference for relative position.

Token Use Cases

Starknet outlined the use cases of the STRK token in the airdrop document, which have not significantly changed from the previously disclosed content.

• Payment of network fees: After the start of Provisions, users will be able to use STRK to pay transaction fees. Starknet emphasizes that although users can use STRK to pay fees, the Starknet protocol will still use ETH to pay fees on the Ethereum network to ensure the security of the network and its data.

• Governance: After Provisions, recipients of STRK will be able to participate in ecosystem development governance.

• Staking: STRK will be used for PoS model staking, allowing users to stake tokens to decentralized sequencers to ensure the decentralized operation of Starknet.

Conclusion

Starknet has a large number of airdrop addresses and a low airdrop threshold, with most accounts receiving a minimum of 500 tokens. For users who can effectively prevent witch addresses, the wealth effect is significant. With the popularity of the points system, airdrop opportunities that are not primarily based on the amount of funds may become increasingly rare. In addition, the listing of Arbitrum tokens in 2023 has triggered a trend of airdropping project tokens to accounts eligible for Arbitrum airdrops, which can serve as a widely spread promotional tool. The initial benefit effect is significant and may be a focus of attention in the future.

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